Tunks joins Colliers

Cromwell Group
has resolved to recommend to security holders the purchase of two assets from the Cromwell Property Fund – 321 Exhibition St, Melbourne, and the one-third interest in the TGA complex in Symonston, ACT – as well as the extension of the property’s existing debt facility with the group until June 2012.Robert Harley

Colliers International has recruited commercial property valuer Peter Tunks to its consultancy and valuation division, based in the Sydney CBD office. Mr Tunks most recently worked for Stockland Group. Lisa Carapiet

The retail and office building at 16-22 Bay Street in Sydney’s Double Bay is for sale. It is being marketed with “approval for immediate conversion into a prestigious retail and residential development". Colliers International director investment sales Stephen Kovacs and director residential Murray Wood are marketing the property for a private owner, 16 Bay Street Pty Ltd. Lisa Carapiet

Charles Darwin University has picked a joint venture between
CIC Australia
and Larrakia Development Corp as its preferred partner in the development of a subdivision on 55 ha of the Palmerston campus. Robert Harley

The
GPT Group
’s $600 million tower in Brisbane, One One One Eagle Street, has achieved a six-star Green Star design rating. GPT chief executive Michal Cameron said the development would deliver leading edge sustainability outcomes while providing the highest quality office environment. Robert Harley

China may introduce real estate investment trusts, or REITs, by the second half of this year, the China Daily reported yesterday, citing unidentified people familiar with the matter. The plan is awaiting final approval from the State Council after having received approvals from relevant ministries, the Beijing-based English-language newspaper reported. Investments in REITs may initially be limited to institutional investors, according to the report. Shanghai may introduce the first REIT that isn’t publicly traded, the newspaper reported. Bloomberg

Kiwi Income Property Trust
, New Zealand’s biggest listed real estate investor, has reported a full-year loss after the value of its buildings fell by NZ$74.7 million ($60 million). The trust had a net loss of NZ$12.4 million in the year ended March 31, from a NZ$168.9 million loss a year earlier. Excluding revaluations and other non-cash items, distributable profit rose 0.2 per cent to NZ$61.1 million, the Auckland-based trust said. Bloomberg